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There are currently several proposals to create national regulation for insurance. Currently, insurers operating in a given state must operate under that state’s insurance laws. A federally chartered insurance company would have to obey all general state business regulations, but it would be regulated by a new federal bureau, which would enforce the same insurance-specific laws throughout the country. The proposals currently under discussion have many similarities to previous proposals for an Optional Federal Charter (OFC), but are not the same thing. They create a national regulator for insurance, but also allow significant powers to remain at the state level and require the creation of state-level offices.